EAEU Countries' E-Commerce Volume May Reach $160 Billion, Says Tokayev

The volume of e-commerce in the countries of the Eurasian Economic Union (EAEU) may reach $160 billion in the near future. This was announced by Kazakhstan's President Kassym-Jomart Tokayev during a meeting of the Supreme Eurasian Economic Council in St. Petersburg.

“The full format launch of the integrated information system of the EAEU will significantly reduce business costs for transporting goods between member states. There is great potential for effective cooperation in the e-commerce sector. Last year, the total volume of this market in the EAEU reached $80 billion, and in the near future this figure could double,” said Tokayev.

He noted that the EAEU must work more effectively towards improving customs procedures and creating an equal legal ecosystem for online trade.

It is worth noting that earlier, Armenia proposed to India, Iran, and Georgia to form a project for the “Persian Gulf – Black Sea” international transport corridor. Currently, the Armenian segment of this corridor is under construction: the North-South highway, extending from the Iranian to the Georgian border.